For the last five years or so, since the recession, the UK’s housing market has struggled to recover, but figures released last month point to turning point of recovery in the market, especially in Manchester. The demand of houses in the UK is rising, so consequently prices are rising too. With almost “ten buyers for every home” as today’s Metro informs, predictions are that property values will increase by at least five per cent this year.
Nationwide building society has named Manchester as the UK city with the strongest house price growth in 2013, with property values up 21% over the year, beating London.
While much of the coverage of the housing market in 2013 focused on the capital, Nationwide identify Manchester – and, specifically, the area covered by the city council – as the star performer last year, with London in second place and Brighton in third.
Due to soaring prices, the age of first-time buyers will rise, as those aged between 25 to 44 struggle to save for a deposit. Grenville Turner, Countrywide Property Service Group chief executive, affirmed: “The number of first-time buyers under 25 will fall by a third due to student debt”.
Everything indicates that now is a good moment for property sellers. If you have been holding off putting your property up for sale because you thought the market was flat, don’t miss the opportunity markets are giving you now, and put your property on the market.
If you are thinking about buying your first property, our advice is to do it now, before house prices rise even higher, because deposits will do as well. If you’ve got a deposit, even if it’s not the full amount that you wanted, now is probably the time to look at getting a mortgage.
Mistoria Estate Agency are a team of finance professionals and estate agents with many years of experience in successfully buying and selling property across the North West. If you need help and advice buying or selling a property please call us on 0161 707 6106 or email firstname.lastname@example.org/sales.